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government debt, u.s. government bonds again. >> you fast forward to the debt ceiling. i think that's the mirror image of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and said we need to be responsible. >> woodruff: let me ask you about a couple of other issues. that is guns. you're a long-time proponent of gun rights. you're the father of two young girls ages 4 and 2. after those terrible shootings at that h elementary school in c
government debt, u.s. government bonds again. >> you fast forward to the debt ceiling. i think that's the mirror image of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed....
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the debt ceiling guarantees a crisis. it guarantees that the markets will all cave in on the republicans. and the republicans in the end will give up. >> let me get a break, ej, and we'll come back with you. i want to talk about the strategy, whether there's a government shutdown in the future, as well as what this fight means to the president's second term and his agenda -- guns, immigration, other >>> back with more of our roundtable. and we're talking about the coming fights, ej, which include the threat from some republicans of a government shutdown or at least using the debt ceiling debate as ransom. you heard leader mcconnell not back away from that. is that the future here, the near term future of the president's second term? >> i just want to say on sandy relief, i don't understand why the house walked away from something that congress has done in every other disaster. but i almost never get a chance to do this, so i want to say that i hope republicans listen to newt gingrich. because newt gingrich is absolutely r
the debt ceiling guarantees a crisis. it guarantees that the markets will all cave in on the republicans. and the republicans in the end will give up. >> let me get a break, ej, and we'll come back with you. i want to talk about the strategy, whether there's a government shutdown in the future, as well as what this fight means to the president's second term and his agenda -- guns, immigration, other >>> back with more of our roundtable. and we're talking about the coming fights,...
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the debt ceiling guarantees a crisis. it guarantees that the markets will all cave in on the republicans. and the republicans in the end will give up. >> let me get a break, ej, and we'll come back with you. i want to talk about the strategy, whether there's a government shutdown in the future, as well as what this fight means to the president's second term and his agenda -- fight means to the president's second term and his agenda -- guns, immigration, other at a dry cleaner, fight means to the president's secowe replaced peopleenda -- gunswith a machine.other what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. you know it can be hard to lbreathe, and how that feels.e, copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance trea
the debt ceiling guarantees a crisis. it guarantees that the markets will all cave in on the republicans. and the republicans in the end will give up. >> let me get a break, ej, and we'll come back with you. i want to talk about the strategy, whether there's a government shutdown in the future, as well as what this fight means to the president's second term and his agenda -- fight means to the president's second term and his agenda -- guns, immigration, other at a dry cleaner, fight means...
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things like the debt ceiling? >> well, i don't think we could afford to let it get in the way of debt ceiling. we only have two or three months to get that done. that fight is getting frankly much more difficult than the fiscal cliff was. we have the debt limit which the president quite rightly has said he won't engage on that. we can't hold that kind of a revolver to the economy that way. but, nonetheless, the gop can shut down the government if it chooses. we have the sequester. so we have to deal with those issues. >> is that where we're headed? because there's been at least one suggestion by one republican that maybe a government shutdown is just what we need. >> well, i don't know. it didn't work out so well for the gop in 1994. i don't think it's the right thing. i would hope instead of looking forward to government shutdown we would be looking forward to finding a new way to work together in this new year. that's really what the american people are asking for. it's not too much to ask. but it will be intere
things like the debt ceiling? >> well, i don't think we could afford to let it get in the way of debt ceiling. we only have two or three months to get that done. that fight is getting frankly much more difficult than the fiscal cliff was. we have the debt limit which the president quite rightly has said he won't engage on that. we can't hold that kind of a revolver to the economy that way. but, nonetheless, the gop can shut down the government if it chooses. we have the sequester. so we...
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caller: the debt ceiling should be frozen. c-span and any other public speaker on the airways should make it clear that the debt of the united states will not go into default because the country collects 200 billion in taxes and the debt payment is 40 billion. how would you prioritize any remaining of the $170 billion? host: how do you think this battle will go down? caller: the republicans need to stick to their guns. vote to not increase the debt limit. engage the public to prioritize spending. social security should be first. the payment to support the injured veterans and any other priorities. there will be $170 billion per month left to do that. let us take a look at the debt clock. this tracks the us national debt and federal spending. you can see the debt limit. carlton, kentucky, democrat. caller: the thing about the debt ceiling and spending, what congress needs to do is start working out a bill for jobs. you get people back to work and you bring in more revenue and taxes. it would increase the revenue. you have less
caller: the debt ceiling should be frozen. c-span and any other public speaker on the airways should make it clear that the debt of the united states will not go into default because the country collects 200 billion in taxes and the debt payment is 40 billion. how would you prioritize any remaining of the $170 billion? host: how do you think this battle will go down? caller: the republicans need to stick to their guns. vote to not increase the debt limit. engage the public to prioritize...
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. >> let me turn your attention to the debt ceiling debate which will ramp up in earnest to the extent it didn't already on sunday morning talk shows. you were made aware of analysis that indicates we will hit that debt ceiling maybe even sooner or than the treasury will have to start taking its ex record to marry steps even sooner than we thought. so what happens if we really get to the point where we go over, and what the next steps? what does the treasury do? >> very difficult choices. the treasury would have to prioritize bill paying. they could do it by the day. do it by the type of expense they are going to repay. presumably sovereign debt would be repaid first. but given the fact this is unprecedented, never happened before, you could have the president reconsidering his assertion that he could not use executive authority. the president said he does not believe that under the constitution he can un latry raise the debt ceiling. but some disagree and urge him to do that. he said he will not negotiate with congress at all. so you have to think that is at east in the background. th
. >> let me turn your attention to the debt ceiling debate which will ramp up in earnest to the extent it didn't already on sunday morning talk shows. you were made aware of analysis that indicates we will hit that debt ceiling maybe even sooner or than the treasury will have to start taking its ex record to marry steps even sooner than we thought. so what happens if we really get to the point where we go over, and what the next steps? what does the treasury do? >> very difficult...
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i don't like the concept of using the debt ceiling as a negotiating tool because the debt ceiling is a process by which you authorize payment for spending you've already taken on, you've already approved. but a month after our debt ceiling debate, we have an actual government shutdown proposal, that is, a proposal to keep funding the government over the next six months. very short-term measure. why does that exist? l.z. said, why do we keep putting those out there? it's because two reasons. the government has not passed a budget for four years. budgets are just policy plans. they don't actually authorize spending. still it shows some responsibility, and the government's neglected to do that for almost four years. in the short term, the senate has also not taken up the responsibility of passing appropriations bills. those that actually authorize spending. so we have these short-term government funding mechanisms. you did the story, i'm sure, six months ago, carol, a year ago, over government shutdowns, and we're going to do this as long as they don't figure out how to set spending pla
i don't like the concept of using the debt ceiling as a negotiating tool because the debt ceiling is a process by which you authorize payment for spending you've already taken on, you've already approved. but a month after our debt ceiling debate, we have an actual government shutdown proposal, that is, a proposal to keep funding the government over the next six months. very short-term measure. why does that exist? l.z. said, why do we keep putting those out there? it's because two reasons. the...
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advantage in the negotiation on the debt ceiling. if we can stand strong and insist on number one structural reforms to fix the problem and number two, progrowth policies to grow the economy and get jobs back and get people back to work i think we with win that debate and win that argument. i don't think what washington needs is more compromise. i think washington needs more common sense and more principle. >> it is good to get to know you. thanks so much for dropping by and good luck. >> thank you for having me. >> appreciate it. >> up next, a new year, a new congress. we'll ask our political panel if the political well is still poison. >>> our economy captain afford more protracted showdowns or manufactured crises along the way. >> the american dream is in peril so long as its name sake is weighed down by this anchor of debt. break its hold and we begin to set our economy free. >> the president and the speaker of the house on the perils and possibilities of the tough fiscal battles that yet lie ahead. time for our sunday panel. bri
advantage in the negotiation on the debt ceiling. if we can stand strong and insist on number one structural reforms to fix the problem and number two, progrowth policies to grow the economy and get jobs back and get people back to work i think we with win that debate and win that argument. i don't think what washington needs is more compromise. i think washington needs more common sense and more principle. >> it is good to get to know you. thanks so much for dropping by and good luck....
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this time, over raising the debt ceiling. if an agreement is not reached by late february or early march the united states risks defaulting on its financial obligations and the altru will be on how much congress will agree to cut spending. >> the bottom line is that we can't continue down the path we're on to borrow money to pay our own debt. we have have to have serious spending cuts. >> reporter: key democrats say they are not related. >> people are going to say i will not pay my bills unless you stop buying stuff, well stop buying stuff so you don't have future bills, but right now we have to pay the bills that have been incurred. don't tie it to the debt ceiling. >> reporter: a big part of balancing this budget is in fact, getting people back to work? >> that balances us twice and that another is big piece of it. >> reporter: president obama says he will not neglect can congress on whether they should pay their bills. some republicans are questioning his fiscal leadership. >> what is really disappointing to me is that the
this time, over raising the debt ceiling. if an agreement is not reached by late february or early march the united states risks defaulting on its financial obligations and the altru will be on how much congress will agree to cut spending. >> the bottom line is that we can't continue down the path we're on to borrow money to pay our own debt. we have have to have serious spending cuts. >> reporter: key democrats say they are not related. >> people are going to say i will not...
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ceiling. >> over the debt ceiling? i actually think that there's enough momentum to say let this one go. that again in happy clappy mode normally i would say the republicans, they're going to do whatever they can to screw the president over and the nation over. but i think that at this point they may let it go or i'm hoping obama stands his ground so firmly as to say maybe the 14th amendment solution, i heard another solution this week that said that the debt ceiling is -- it is even beyond the 14th amendment the debt ceiling is simply what obligation does he have first to the debt ceiling or to paying the actual debts. and that the safety of the nation impels him to actually pay the debt. >> stephanie: yep. we'll see. nancy pelosi is talking about that. we'll see how it plays out. we may end up with a trillion dollar coin and some really great movies. >> i'm tellin' ya, ocean's 14 is going to happen! >> stephanie: ocean's 14. love you rudeness. see you next week. 46 minutes after the hour. right back on "the stephanie
ceiling. >> over the debt ceiling? i actually think that there's enough momentum to say let this one go. that again in happy clappy mode normally i would say the republicans, they're going to do whatever they can to screw the president over and the nation over. but i think that at this point they may let it go or i'm hoping obama stands his ground so firmly as to say maybe the 14th amendment solution, i heard another solution this week that said that the debt ceiling is -- it is even...
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the debt ceiling vote will authorize payment of debt we already incurred. let me show you an example of someone talking about the debt ceiling and getting it wrong. >> the president is addicted to spending. he wants to spend. he wants a new credit card after he's maxed out the last one. >> reporter: a better analogy is we maxed out the credit card we have and now we have to pay the bill. paying the bill is very important to the credit rating of the united states. >> just like we all have to do. >> yeah, right. we'll keep an eye on that one, scott. thank you for breaking it down. >>> meteorologist christina loren talking 60s today for this back to work monday. >> we'll get paid with sunshine this afternoon. good monday morning to you. temperatures this morning running cool. we have patchy fog out there to make you aware of. quarter mile or less in spots. quarter mile in livermore. half a mile in santa rosa. the good news is we'll lose that low cloud cover by noon today. 48 degrees as you break for lunch inland. you'll need your jacket at that point. hour by
the debt ceiling vote will authorize payment of debt we already incurred. let me show you an example of someone talking about the debt ceiling and getting it wrong. >> the president is addicted to spending. he wants to spend. he wants a new credit card after he's maxed out the last one. >> reporter: a better analogy is we maxed out the credit card we have and now we have to pay the bill. paying the bill is very important to the credit rating of the united states. >> just like...
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i'm not going to talk about the debt ceiling. we have yet to cut one dime from the last debt ceiling agreement and now here it's time. we've got to stop the madness. >> democratic congressman says it's quote, reckless and irresponsible not to pay bills that are due. >> molly henneberg, thank you. after decades of service to our country, this former general could be found in civilian clothes, not necessarily by choice. general stanley mcchrystal talking about what cut his career short and the man who become the 37th u.s. president was born in a house. the richard nixon library and museum has a plan for the centennial. we'll go live there for the details. ♪ people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i kn what i could save before i switched to progressive. the better i drive, the more i save. i wi our company had something this cool. you're not filming this, are yo
i'm not going to talk about the debt ceiling. we have yet to cut one dime from the last debt ceiling agreement and now here it's time. we've got to stop the madness. >> democratic congressman says it's quote, reckless and irresponsible not to pay bills that are due. >> molly henneberg, thank you. after decades of service to our country, this former general could be found in civilian clothes, not necessarily by choice. general stanley mcchrystal talking about what cut his career...
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i'm not going to talk about the debt ceiling. we have yet to cut one dime from the last debt ceiling agreement and now here it's time. we've got to stop the madness. >> democratic congressman says it's quote, reckless and irresponsible not to pay bills that are due. >> molly henneberg, thank you. after decades of service to our country, this former general could be found in civilian clothes, not necessarily by choice. general stanley mcchrystal talking about what cut his career short and the man who become the 37th u.s. president was born in a house. the richard nixon library and museum has a plan for the centennial. we'll go live there for the details. ♪ [ male announcer ] what are happy kids made of? bikes and balloons, wholesome noodles on spoons. a kite, a breeze, a dunk of grilled cheese. catches and throws, and spaghettio's. that's what happy kids are made of. campbell's. it's amazing what soup can do. >> he retired general stanley mcchrystal taking the blame nor a magazine article that essentially ended his military care
i'm not going to talk about the debt ceiling. we have yet to cut one dime from the last debt ceiling agreement and now here it's time. we've got to stop the madness. >> democratic congressman says it's quote, reckless and irresponsible not to pay bills that are due. >> molly henneberg, thank you. after decades of service to our country, this former general could be found in civilian clothes, not necessarily by choice. general stanley mcchrystal talking about what cut his career...
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the debt ceiling vote will authorize payment for debt we already incurred. let me show you an example as someone talking about the debt ceiling and getting it wrong. >> the president is addicted to spending. he wants a new credit card after he maxed out the last one. >> that's a senator from wyoming. a better analogy would be we maxed out that credit card and we need to pay that bill. credit card companies want you to pay for what you bought before issuing that new card. >>> a big day for the 49ers faithful. in just hours tickets will go on sale for this weekend's divisional playoff game again the green bay packers. tickets will only be available online through ticket master starting at 10:00 this morning. the game will be played on saturday at the stick at 5:00. >>> on the college scene is the game for all of the glory number one ranked notre dame taking on number two alabama. that's the bcs national championship game in miami. alabama trying to claim its third national title in four years and become the very first school to win back to back bcs titles. kic
the debt ceiling vote will authorize payment for debt we already incurred. let me show you an example as someone talking about the debt ceiling and getting it wrong. >> the president is addicted to spending. he wants a new credit card after he maxed out the last one. >> that's a senator from wyoming. a better analogy would be we maxed out that credit card and we need to pay that bill. credit card companies want you to pay for what you bought before issuing that new card....
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or could the debt ceiling derail your view on things? >> you know, i think we've been desensitizing, you know, all year long a little bit, joe, to some of these armageddon ending stories. last year was interesting. we had as many issues on the table, a spring swing in the economy. a slowdown landing in china, uncertain election, the fiscal cliff and yet the vix index hardly ever got above 20 during the year. whereas in 2010 and 2011 it spiked up to 45 during those panics where we just had an all-out stock market panic. so, i think every time we get through one of these, we desensitize more to it. i think the market also react less to the debt ceiling than they did to the fiscal cliff. >> okay. >> we get further and further away from the financial crisis and housing improves and the consumer seems a little bit better. unemployment gets a little bit better. people aren't as worried about losing their jobs. all of those things give it a firmer tone. >> i think so. i think that people are kind of starting to settle down in the idea that this
or could the debt ceiling derail your view on things? >> you know, i think we've been desensitizing, you know, all year long a little bit, joe, to some of these armageddon ending stories. last year was interesting. we had as many issues on the table, a spring swing in the economy. a slowdown landing in china, uncertain election, the fiscal cliff and yet the vix index hardly ever got above 20 during the year. whereas in 2010 and 2011 it spiked up to 45 during those panics where we just had...